ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
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| Environmental Remediation Obligations [Abstract] | Ìý | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $216.2 million and $206.8 million at SeptemberÌý30, 2017 and DecemberÌý31, 2016, respectively. The following is a summary of the obligations as of SeptemberÌý30, 2017 and DecemberÌý31, 2016:
Mine Closure
The accrued closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. The accretion of the liability and amortization of the related asset is recognized over the estimated mine lives for each location.
The following represents a roll forward of our asset retirement obligation liability for the nine months ended SeptemberÌý30, 2017 and for the year ended DecemberÌý31, 2016:
For the year ended DecemberÌý31, 2016, the revisions in estimated cash flows recorded during the yearÌýrelated primarily to revisions in the timing of the estimated cash flows related to two of our U.S. mines. The Empire mine asset retirement obligation was reduced byÌý$29.6 millionÌýas a result of the further refinement of the timing of cash flows and a downward revision of estimated asset retirement costs related to technology associated with required storm water management systems expected to be implemented. Additionally, during 2016, a new economic reserve estimate was completed for United Taconite, increasing salable product reserves byÌý115 millionÌýlong tons and consequently significantly increasing the life-of-mine plan, resulting in aÌý$9.2 millionÌýdecrease in the asset retirement obligation.
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